How hot is the industrial market? Here’s another example.
After spending $19.6 million to win a bidding war for a 121,038-square-foot property at 25 Green Pond Road in Rockaway, the buyer announced it will be converting the space to warehouse/logistics use, CBRE said.
The single-story, fully air-conditioned flex building, located directly off Interstate 80 in a top industrial corridor, had been converted to office use to house Party City (which is consolidating its workforce in Woodcliff Lake).
CBRE’s Kevin Dudley and Thomas Mallaney will oversee leasing at the property. The CBRE Investment Properties team of Charles Berger, Mark Silverman and Elli Klapper, in conjunction with CBRE’s Thomas Mallaney, spearheaded the marketing campaign and represented the seller in the negotiations. Additionally, the CBRE Debt & Structured Finance team of Jason Gaccione and Shawn Rosenthal secured attractive financing for the buyer.
Berger said the sale represented the sign of the times.
“We were able to maximize the value of the asset and achieve a near record-breaking price for our client, while delivering a unique property with a potential value-add component for the new ownership,” he said. “This sale is yet another example of the strength of the industrial market during the pandemic.”
The new owners have appointed CBRE as the exclusive leasing agency at the property. CBRE’s Kevin Dudley will oversee leasing.